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Pre-Disaster Financial Preparedness

Catastrophes like hurricanes, earthquakes, tsunamis, volcanic eruptions, and typhoons are inevitable. Since they usually strike with little or no warning, preparing for the unexpected is the key. Pre-disaster financial planning will go a long way in protecting your family from financial disaster. Why wait? Here are some pre-disaster financial preparedness tips as suggested by a Galveston County windstorm insurance company.

Involve the whole family in financial planning. Each family member should be properly briefed about what to do, where to go, and who to contact to finance them in the event of a calamity.

Conduct a thorough household inventory. Record models, serial numbers, and costs of all properties. Should a disaster strike, this list will help you prove the value of what you owned if those possessions are destroyed. Make sure to leave a copy of your list with trusted relatives or friends living elsewhere in the country. You will need it in the event that your copy is lost.

Prepare a durable and lockable evacuation box which you can easily grab in case of emergency. Make sure that the box contains all important financial documents — insurance policies, bank statements, income tax returns, Social Security System records, credit card account numbers, as well as legal documents such as birth certificates, marriage contracts, passports, deeds, wills, titles, and vehicle registration papers. Store it in a place that you can easily access.

Try to set aside money in an emergency fund from which you may draw in times of crisis. Keep emergency money in an easily accessible account. Make sure that credit cards are properly paid off. You do not know when you will need to use them.

Keep a back-up copy of all vital financial documents. Better yet, scan all important papers and keep them in a flash drive or in a secure online storage system.

Make sure to have a list of all your financial contacts. In the event of a disaster, you can heave a sigh of relief knowing that you have those crucial contact numbers at your fingertips.

Talk to a financial planner. Now may be the best time to obtain a life insurance policy. Ask yourself: Do I have enough insurance coverage? Am I adequately covered in case of disability or injury? Reassess your insurance now. Do not wait for a disaster to happen.

For more information about Galveston County windstorm Insurance and other insurance types, visit us!